1726.11
Annual financial reports - audits.

Each development corporation incorporated under this chapter
shall prepare an annual financial report that conforms to rules prescribed by
the auditor of state pursuant to section
117.20 of the Revised Code, that is
prepared according to generally accepted accounting principles, and that is
certified by the board of trustees of the corporation or its treasurer or other
chief fiscal officer. The financial report shall be filed with the auditor of
state within one hundred twenty days following the last day of the
corporation's fiscal year, unless the auditor of state extends that deadline.
The auditor of state may establish terms and conditions for granting any
extension of that deadline.

Each development corporation shall submit to audits by the
auditor of state, the scope and frequency of which shall be in accordance with
section 117.11 of the Revised Code as if
the corporation were a public office subject to that section. However, a
development corporation may request in accordance with section
115.56 of the Revised Code, as if
the corporation were a public office subject to that section, the performance
of any of those audits by an independent certified public accountant.

The auditor of state is authorized to receive and file the
annual financial reports required by this section and the reports of all audits
performed in accordance with this section. The auditor of state shall analyze
those annual financial reports and the reports of those audits to determine
whether the activities of the development corporation involved are in
accordance with this chapter.